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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. After receiving a completed application for a creditor's approval of a counteroffer, the creditor must notify an applicant of action taken within how many calendar days?

A) 15 calendar days
B) 20 calendar days
C) 30 calendar days
D) 60 calendar days

2. Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

A) It allows borrowers five days to review the final amount needed for settlement.
B) It aids borrowers in understanding the loan transaction process by utilizing readily understandable language.
C) It provides a three-day cooling-off period for all loans
D) It ensures that the terms and fees that are quoted at the time of application do not change.

3. Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?

A) Construction
B) FHA
C) Fixed
D) ARM

4. A creditor receives an application with all the required pieces of information but wants to have additional information to determine a borrower's qualifications for a loan. Which of the following actions is most compliant with industry regulations?

A) Carefully document attempts to obtain the necessary additional information from the consumer to show why the decision to hold further processing was made
B) Consider the application incomplete and put initial processing on hold until the additional information is received
C) Provide timely initial disclosures to the consumer even though the requested information when received may reflect that the initially disclosed figures are outdated
D) Provide a fees worksheet, a Falr Lending Disclosure and an Equal Credit Opportunity Act (ECOA) form to the consumer, waiting until the additional necessary information is obtained to Issue the balance of required disclosures

5. A woman and her son meet with a mortgage loan originator (MLO) about refinancing the mother's home.
During the meeting, the MLO senses that the mother is against the transaction and may be being unfairly coerced into the procedure. In which of the following ways should the MLO proceed?

A) Tell the mother that she needs to sign a power of attorney so that her son may complete the transaction on her behalf
B) Ask to speak to the mother privately to inquire whether she Is a willing participant in the transaction
C) [Consider the issue to be a private family matter and proceed with the next steps in the application process
D) Suggest that the son be listed as a co-borrower on the mortgage to ensure he assumes part of the risk of the loan

Solutions: